New Research Reports

News Letter

Strong liability management improved CoD/CoF, while a favourable mix shift and higher bond yields boosted YoA and NIMs

Asian markets traded higher today, tracking gains in U.S. equity futures as strong earnings from major AI-related companies revived investor appetite for technology stocks. The Nikkei and Hang Seng advanced 1.61% and 0.28%, respectively, while Shanghai was nearly flat.

Bajaj Housing Finance reported PAT of INR 757 Cr, up 17.7% YoY and 5.8% QoQ, 7.1% above our estimate of INR 707 Cr.

Axis Bank reported PAT of INR 7,003 Cr, up 37.6% YoY and down 1.6% QoQ, as a 23.8% QoQ fall in provisions offset an 11.3% QoQ rise in opex. NII grew 11.8% YoY and 5.0% QoQ to INR 15,371 Cr.

ICICI Bank reported PAT of INR 14,843 Cr, up 20.1% YoY and 0.3% QoQ, with PBT excluding treasury up 23.4% YoY to INR 19,954 Cr.

HDFC Bank reported PAT of INR 19,510 Cr, up 2.4% QoQ and 4.7% YoY; management puts growth excluding trading gains at about 12.7%.

Paras Healthcare operates eight tertiary and quaternary care hospitals under the Paras Health brand, with 2,211 beds across five states and one union territory. Occupancy rose to 61.75% in FY26 from 50.78% in FY25.

END OF DAY SUMMARY

Retail Research

Jio Platforms Limited is a technology platform company that combines proprietary digital technology with pan-India digital connectivity to drive digital transformation in India.

MARKET SNAPSHOT

Jio Platforms owns Reliance Jio, India’s largest telecom operator, along with the digital services built on its network.

It is heartening to see UltraTech Cement (UTCEM)’s Q2FY27 volumes race 13% YoY (driving a 4% beat to our revenue forecast). Yet, high operating cost led to EBITDA being broadly in-line.

Union Bank (UNBK) reported Q2FY27 PAT of INR 55bn, up 30% YoY (in-line with I-Sec estimates), led by 20% growth in NII (2% beat) and improved AQ.

Tatva Chintan Pharma Chem (TATVA)’s Q2FY27 print sustained its strong EBITDA uptick, expanding 26% QoQ/83.3% YoY to INR 407mn.

Rossari Biotech’s (Rossari) Q2FY27 EBITDA grew 20.9% YoY. While EBITDA margin also improved to 12.5%, it was constrained by elevated freight costs, volatility in raw material prices, and limited availability of Ethylene Oxide (EO).

Piramal Finance (PIRAMALF) delivered a strong Q2FY27 performance, demonstrating steady progress towards its medium-term and profitability targets.

Just Dial reported 13.1% YoY revenue growth in Q2FY27, driven by an increase of 7.5% YoY in revenue per paid campaign and 5.2% YoY in paid campaigns.

Bajaj Finance (Bajaj)’s Q2FY27 and H1FY27 financial performance underscores its strong business franchise and robust portfolio health, enabling it to navigate macroeconomic headwinds, including elevated oil prices, El Niño concerns and a rising interest rate cycle.